Stock prices slipped to new lows today due to many causes, among which included the belief that the business level is moving off, early 1939 tax selling, the French situation, uncertainty over the pound sterling fears regarding the scope of the monopoly investigation and the renewed weakness of copper prices. Meanwhile the October employment figure is placed at 2604000 above the recession's level during May. It is expected that the final quarter's famings for railroads will be above dist yer. spending period of lose of the corres; By courtesy of S. E. Levy & Ca.
The stock market is conforming to the seasonal precedent, with tax selling a factor. The biggest single Seller during the pest week was a large commission house with important domestic and international Connections. Buying consisted chiefly of aircrafts, which was attributed to the announcement of manufacturers' ce-operation in the Defense Programme. The near future action of this group should show whether the proposed plans have been "over-ballyhooed," although the exact scope of the programme must await the January session of Congress.
The downward trend of cotton consumption, as well as farm and electrical equipments, indicates a decline in business activity for December. The extent of such a reversal, which is normal, cannot new be determined, but the exceptional automobile sales suggest that anticipation of any sweeping relapse may prove unwarranted. The current cautious
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